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Parliament to Discuss Decision on Regional State of Emergency

TURKEY
  • Bloomberg report that President Erdogan still intends on holding the country’s general elections on May 14 despite the devastating impact of the earthquake that has killed thousands in the central southern area of Turkey.
  • Yesterday, the President declared a state of emergency in 10 regions affected by this week's earthquakes. A Turkish constitutional law professor told NYT: "The state of emergency allows the president to proportionally limit fundamental rights and freedoms,” which has raised concerns ahead of the elections. Today at 1100 GMT/1400 local time, Parliament will meet to discuss the decision.
  • Turkey’s stock exchange suspended trading of equities, futures and options early this morning for the first time in 24 years following a deep selloff, Bloomberg report. The benchmark Borsa Istanbul 100 Index is headed for its worst weekly performance since 2008 global financial crisis and it is not immediately clear when trading will resume. YTD performance sees the index sitting ~24% lower.
  • Speaking to local newspaper Ekonomi, Minister Varank said, "We can see that there is no destruction that will harm production, both in the organized industrial zones and in the production facilities outside the organized industrial zones."

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